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HOUSTON, Texas, July 15, 2003 — Boots & Coots International Well Control, Inc. (AMEX:WEL), announced today that it has signed an agreement with Specialty Finance and one other loan participant to convert $1.4 million of senior secured debt and accrued interest into 5.5 million shares of common stock. This leaves the Company with $1.2 million of senior debt and comes on the heels of last week’s announcement that the Company had reached an agreement with its subordinated debt holder, Prudential Insurance Company of America (“Prudential”), to cure its past and current loan defaults with Prudential.

Boots & Coots Chairman Kirk Krist stated. “We are committed to improving the Company’s balance sheet and these agreements with Specialty Finance, one other loan participant and Prudential are reflective of our efforts to restructure the Company’s debt. The management and operations team at Boots & Coots worked very hard to get these agreements finalized and are very committed to the success of the Company.”

The Company’s Chief Executive Officer Jerry Winchester said, "This is another great milestone for the Company and with this out of the way, we can further focus on our improving response and risk management business segments. We have seen some very positive upward movement in our WELLSURE® business during the first two quarters and this, coupled with the increase in our well control response and engineering business, outside of what we are currently doing in Iraq, has really been encouraging.”

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